Jv trio acquire industrial site on Eley industrial estate
A joint venture between Melburg Capital, Investec Property and Argo Real Estate, has acquired a 200,000 sq ft off-market industrial site on Eley Industrial Estate in North London.
The deal takes Melburg’s recent spending spree to past £300m in the past 15 months, as the company looks to expand and diversify its portfolio, which invests across all UK sectors, including commercial and residential, mixed-use development, strategic land and asset backed operating business.
The estate was purchased from a private family office for an undisclosed sum and is currently let to an average rest of c.£3.50 per sq ft. The joint venture’s intention is to modernise the estate, driving the rental income from its incredibly low base.
Crispin Gandy, from Investec Property, said: “We are delighted to have completed this off-market transaction in such a competitive market and look forward to turning the asset around. Tenant demand is strong and we are already seeing opportunities to drive the rents significantly in the short term.”
Original article posted here.